LIC quickly made up for losses in Adani Group shares
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According to information received from the stock exchanges, LIC’s stake in Adani Green Energy Limited ranges from 1.28 percent to 9.14 percent in Adani Ports & SEZ Limited. American investment firm Hindenburg Research released a report on January 24, following which shares of Adani Group faced a sharp fall.
With Adani Group shares rising for the third consecutive day, public sector Life Insurance Corporation of India (LIC) recovered losses from its investments in the group’s shares. LIC has invested in seven of the 10 listed Adani Group companies. According to information received from the stock exchanges, LIC’s stake in Adani Green Energy Limited ranges from 1.28 percent to 9.14 percent in Adani Ports & SEZ Limited. American investment firm Hindenburg Research released a report on January 24, following which shares of Adani Group faced a sharp fall.
Due to this, LIC’s investment in the group turned negative a week ago. The value of LIC’s investment in the Adani group declined to Rs 29,893.13 crore on February 24, as against the purchase price of Rs 30,127 crore. However, things have changed after the recent rally in Adani Group shares. According to stock market data, the value of LIC’s investment is Rs 39,068.34 crore at Friday’s closing price. In this way LIC is getting a profit of about Rs 9,000 crore. The fall in Adani Group’s shares raised some questions on LIC’s investment decision.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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